Date of Update: 12/16/2020


Ticker: GAN

Theme: Technology

Country: United States

Sector: Consumer Services

This is not a recommendation to buy or sell securities.


Company Description:

GAN is a leading developer and supplier of online gaming content and business-to-consumer (“B2C”) gaming software. GAN has developed various proprietary technologies which the company licenses to online and land-based gaming operators, including FanDuel, Churchill Downs, and Penn Interactive.

GAN announced the acquisition of Coolbet in 2020. Coolbet operates a B2C (business to consumer) online sportsbook and casino in Northern Europe, Latin American and Canada.

3 Company Facts:

  • In 2016, GAN held its initial public offering on the AIM exchange in London. Following growth in the company’s U.S. business, GAN moved its primary listing to the NASDAQ via IPO.
  • GAN is targeting 4-6% revenue share from its sports betting clients, and 5-7% from its iGaming clients.1
  • GAN’s acquisition of Coolbet is expected to close in early 2021. Coolbet grew at 46% per year from 2018 to 2020, leveraging proprietary B2C sportsbook technology.

3 Industry Facts:

  • The total addressable market for iGaming is expected to surpass sports betting at maturity by 25%.
  • By the end of 2021, an estimated 50% of U.S. states will have passed sports betting legislation.2
  • Louisiana, Maryland, and North Dakota all passed sports bettng legislation during the November 2020 elections.

Related Companies: International Game Technology, Scientific Games, GameSys

3 Key Metrics:

  • Gross operator revenue
  • Average revenue per user
  • New market pipeline

This is not a recommendation to buy or sell securities.

Notable Brands:

Coolbet logo
GAN GameStack logo
GAN GameStack
GAN iBridge
GAN iBridge
Gan Sense3 logo
Gan Sense3